The accounting concept that requires financial statement information such as revenue and expenses to be recorded...
The accounting concept that requires financial statement information such as revenue and expenses to be recorded in the same time period
Monetary unit assumption
Going-concern assumption
Matching
Objectivity
Homework Answers
Ans.
Matching concept is the accounting concept that requires financial statement information such as Revenue band Expenses to be recorded on the same time period.
Matching concept is based on accrual concept of accounting which states that all income and expenses must be recorded in the accounting period in which they are accrued rather than the accounting period in which they are recieved or paid.
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The accounting concept that requires financial statement
information such as revenue and expenses to be recorded...
15) Accounting is an information and measurement system that does all of the following except: A)...
15) Accounting is an information and measurement system that does all of the following except: A) Identifies business activities. B) Records business activities. C) Communicates business activities. D) Eliminates the need for interpreting financial data. E) Helps people make better decisions. 16) External users of accounting information include all of the following except: A) Shareholders. B) Customers. C) Purchasing managers. D) Government regulators. E) Creditors. 17) A corporation is: A) A business legally separate from its owners. B) Controlled by...
Identify the accounting concept that describes each situation below. Do not use any concept more than...
Identify the accounting concept that describes each situation below. Do not use any concept more than once. a. Is the rationale for why plant assets are not reported at liquidation value. (Do not use the historical cost principle.) choose the accounting concept Full disclosure principleMonetary unit assumptionHistorical cost principleRevenue recognition principleCost constraintExpense recognition principlePeriodicity assumptionEconomic entity assumptionMaterialityGoing concern assumption b. Indicates that personal and business recordkeeping should be separately maintained. choose the accounting concept Economic entity assumptionGoing concern assumptionExpense recognition...
ki , survey of Accounting, le Help System Announcements Historical cost principle Materiality Monetary unit assumption...
ki , survey of Accounting, le Help System Announcements Historical cost principle Materiality Monetary unit assumption Exercise 4-2 Identify the accounting concept that describes each situation below. Do not use any concept more than once. Periodicity assumption (a) is the rationale for why plant assets are not reported at liquidation value. (Do not use the historical cost principle.) Revenue recognition principle (b) indicates that personal and business recordkeeping should be separately maintained. Full disclosure principle (c) Ensures that all relevant...
Question 4.20 points) Match the statements below with the items below: a.) Economic entity assumption b.)...
Question 4.20 points) Match the statements below with the items below: a.) Economic entity assumption b.) Time period Assumption c.) Full Disclosure principle d.) Cost principle e.) Revenue recognition principle f.) Monetary unit assumption g.)Going concern assumption h.) Matching principle i.) Consistency j.) Reliability - A company uses the same accounting methods from year to year. ____ The information is free of error and bias. The economic life of a business can be subdivided into months, quarters or a year....
help please Match the statements below with the items below: a.) Economic entity assumption b.) Time...
help please
Match the statements below with the items below: a.) Economic entity assumption b.) Time period Assumption c.) Full Disclosure principle d.) Cost principle e.) Revenue recognition principle e.) Rey Principle Principle 1.) Monetary unit assumption 8.) Going concern assumption h.) Matching principle 1.) Consistency j.) Reliability - A company uses the same accounting methods from year to year. The information is free of error and bias. The economic life of a business can be subdivided into months, quarters...
Exercise 1 These are the assumptions, principles, and constraints discussed in this and pre- vious chapters....
Exercise 1 These are the assumptions, principles, and constraints discussed in this and pre- vious chapters. 1. Economic entity assumption. 2. Matching principle. 3. Monetary unit assumption. 4. Time period assumption. 5. Cost principle. 6. Materiality 7. Full disclosure principle. 8. Going concern assumption. 9. Revenue recognition principle. 10. Conservatism. Instructions Identify by number the accounting assumption, principle, or constraint that describes each situation below. Do not use a number more than once. (a) is the rationale for why plant...
l The objectivity concept requires that Oa. amounts recorded in the financial statements be based on...
l
The objectivity concept requires that Oa. amounts recorded in the financial statements be based on independently verifiable evidence Ob. accounting principles meet the objectives of the Securities and Exchange Commission Oc. business transactions be consistent with the objectives of the entity Od. the Financial Accounting Standards Board be fair and unbiased in its deliberations over new accounting standards
Listed below are several statements that relate to financial accounting and reporting. Identify the accounting concept...
Listed below are several statements that relate to financial accounting and reporting. Identify the accounting concept that applies to each statement 0.76 points ebook References Jim Marley is the sole owner of Marley's Appliances. Jim borrowed 1. $100,000 to buy a new home to be used as his personal residence This liability was not recorded in the records of Marley's Appliances 2. Apple Inc. distributes an annual report to its shareholders. Hewlett-Packard Corporation depreciates machinery and equipment over their useful...
. Se the information to prepare adjusting entries as of December 31, 2019. View transaction list...
. Se the information to prepare adjusting entries as of December 31, 2019. View transaction list Journal entry worksheet 2 3 4 5 6 The Office Supplies account started the year with a $4,475 balance. During 2019, the company purchased supplies for $18,482, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $3,938. Note: Enter debits before credits. Debit Credit Transaction General Journal Record entry Clear entry View general jour Required...
. Match accounting assumption with most appropriate statement. A. Time Period F. Expense Recognition B. Materiality...
. Match accounting assumption with most appropriate statement. A. Time Period F. Expense Recognition B. Materiality G. Consistency C. Going Concern H. Full Disclosure D. E. Revenue Recognition Business Entity I. Transaction Approach J. Historical Cost Insert the applicable letter below i. Land is purchased for $760,000. The current value of the land is $625,000. Which concept is applied to record the correct amount? ii. Wall Street Journal: subscription fees collected in advance are recorded as unearned subscription income...
15) Accounting is an information and measurement system that does all of the following except: A) Identifies business activities. B) Records business activities. C) Communicates business activities. D) Eliminates the need for interpreting financial data. E) Helps people make better decisions. 16) External users of accounting information include all of the following except: A) Shareholders. B) Customers. C) Purchasing managers. D) Government regulators. E) Creditors. 17) A corporation is: A) A business legally separate from its owners. B) Controlled by...
ki , survey of Accounting, le Help System Announcements Historical cost principle Materiality Monetary unit assumption Exercise 4-2 Identify the accounting concept that describes each situation below. Do not use any concept more than once. Periodicity assumption (a) is the rationale for why plant assets are not reported at liquidation value. (Do not use the historical cost principle.) Revenue recognition principle (b) indicates that personal and business recordkeeping should be separately maintained. Full disclosure principle (c) Ensures that all relevant...
Question 4.20 points) Match the statements below with the items below: a.) Economic entity assumption b.) Time period Assumption c.) Full Disclosure principle d.) Cost principle e.) Revenue recognition principle f.) Monetary unit assumption g.)Going concern assumption h.) Matching principle i.) Consistency j.) Reliability - A company uses the same accounting methods from year to year. ____ The information is free of error and bias. The economic life of a business can be subdivided into months, quarters or a year....
help please
Match the statements below with the items below: a.) Economic entity assumption b.) Time period Assumption c.) Full Disclosure principle d.) Cost principle e.) Revenue recognition principle e.) Rey Principle Principle 1.) Monetary unit assumption 8.) Going concern assumption h.) Matching principle 1.) Consistency j.) Reliability - A company uses the same accounting methods from year to year. The information is free of error and bias. The economic life of a business can be subdivided into months, quarters...
Exercise 1 These are the assumptions, principles, and constraints discussed in this and pre- vious chapters. 1. Economic entity assumption. 2. Matching principle. 3. Monetary unit assumption. 4. Time period assumption. 5. Cost principle. 6. Materiality 7. Full disclosure principle. 8. Going concern assumption. 9. Revenue recognition principle. 10. Conservatism. Instructions Identify by number the accounting assumption, principle, or constraint that describes each situation below. Do not use a number more than once. (a) is the rationale for why plant...
l
The objectivity concept requires that Oa. amounts recorded in the financial statements be based on independently verifiable evidence Ob. accounting principles meet the objectives of the Securities and Exchange Commission Oc. business transactions be consistent with the objectives of the entity Od. the Financial Accounting Standards Board be fair and unbiased in its deliberations over new accounting standards
Listed below are several statements that relate to financial accounting and reporting. Identify the accounting concept that applies to each statement 0.76 points ebook References Jim Marley is the sole owner of Marley's Appliances. Jim borrowed 1. $100,000 to buy a new home to be used as his personal residence This liability was not recorded in the records of Marley's Appliances 2. Apple Inc. distributes an annual report to its shareholders. Hewlett-Packard Corporation depreciates machinery and equipment over their useful...
. Se the information to prepare adjusting entries as of December 31, 2019. View transaction list Journal entry worksheet 2 3 4 5 6 The Office Supplies account started the year with a $4,475 balance. During 2019, the company purchased supplies for $18,482, which was added to the Office Supplies account. The inventory of supplies available at December 31, 2019, totaled $3,938. Note: Enter debits before credits. Debit Credit Transaction General Journal Record entry Clear entry View general jour Required...
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